CHF/SGD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc entered a rectangle pattern on the four hour chart against the Singapore Dollar on March 10. The pair has bounced off four times against the pattern's trend lines. At the moment, the currency exchange rate is moving north at 1.4059, which is between the weekly first and second resistances. If the pair moves upwards, as suggested by the pattern, it will first face the second weekly resistance at 1.4096 and few resistances further until the trend line is reached. However, if the exchange rate moves down, it would face the weekly R1 at 1.4022 and six other supports until the trend line would be reached. Although, the pair might move down also because 72% of open positions are long, which might indicate that it has been overbought.
© Dukascopy Bank SA
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